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(ISSN: 2564-212X; CODEN: JPGOC8; DOI: 10.33002/jpg) is an international, scientific double blind peer-reviewed open access journal published 2 times a year online by The Grassroots Institute.
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Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine
Volodymyr Ivanyshyn1, Alla Pecheniuk2
1Rector, State Agrarian and Engineering University in Podilya, Ukraine. Email: rector@pdatu.edu.ua | ORCID: 0000-0003-1255-1638
2Department of Economics, Entrepreneurship, Trade and Exchange Activities, Faculty of Economics, State Agrarian and Engineering University in Podilya, Ukraine. Email: dom.alla@meta.ua | ORCID: 0000-0002-3582-9236
*Corresponding author
Journal of Policy & Governance, 01(01) (August 2021), 21-29. https://doi.org/10.33002/jpg010102
Accepted: 11 July 2021
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Published: 10 August 2021
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The world economic thought has a number of tools, the use of which helps attract financial investment and helps accumulate additional funds for infrastructure and social projects of municipalities. The issue of municipal bonds as a financial component of the development of territorial communities is considered vital for this research in which the factors that determine the ability to borrow are highlighted. The advantages and disadvantages of using municipal bonds by local governments are also identified. It is realized that the world experience in the application of municipal bonds is contradictory and ambiguous. It is established that the best results from the use of bonds have been the municipalities of countries with a high level of development and municipal management, which determines the demand for this type of securities from investors. The use of municipal bond in countries with economies in transition has led to a number of municipal defaults, resulting in severe restrictions on their issuance by central authorities. The united communities of Ukraine require additional financial resources. Smaller municipalities are characterized by a high rate of budget subsidies and low average income per community. Ukrainian territorial communities’ municipal bonds are used insufficiently in comparison to developed industrial countries. Factors that shape the risks of implementing a system of local borrowing in Ukraine are identified and include lack of recognition and registration of local governments as legal entities under public law, imperfection of legislation, lack of experience in local borrowing, lack of clear information about the available resources of local communities and their valuation.
Keywords: Financial resources; Municipal bonds; Territorial communities; Securities; Financial market
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Ivanyshyn, V. & Pecheniuk, A. (2021). Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine. Journal of Policy & Governance, 01(01), 21-29. https://doi.org/10.33002/jpg010102
Ivanyshyn, V. and Pecheniuk, A. (2021). Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine. Journal of Policy & Governance, 01(01): 21-29. Doi: https://doi.org/10.33002/jpg010102
Ivanyshyn, Volodymyr, Pecheniuk, Alla. 2021. “Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine”. Journal of Policy & Governance, 01(01): 21-29. https://doi.org/10.33002/jpg010102
Ivanyshyn V., Pecheniuk A. Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine. Journal of Policy & Governance, 2021, 01(01), 21-29. https://doi.org/10.33002/jpg010102
Ivanyshyn, Volodymyr, and Alla Pecheniuk. 2021. “Municipal Bonds as a Financial Component of the Development of Territorial Communities in Ukraine”. Journal of Policy & Governance, 01(01): 21-29. https://doi.org/10.33002/jpg010102
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